My last support just was eviscerated like a knife through warm butter. 12,142. If 12,000 doesn’t hold then we run the risk of trading down to 11,770 and then 11,500 and finally our March low at 11,450.
I still think we might find support. I want to fade the panic selling. Sometimes trying to catch a bottom sometimes can be like trying to catch a falling knife.
Today is the last trading day of the month. Its a Friday. It could be ugly.
I anticipate a risk off day. GDP was less than stellar. It looks like the congress will not fail to disappoint with last minute show boating and panic fanning.
Personally, I was born in 1966. This is the most asinine behaviour I have ever seen coming out of congress. But that’s just my opinion. Both sides of the aisle are willing to destroy the credit rating and reputation of what had once been the greatest country in the history of the planet.
200 years ago Alexander Hamilton and the founding fathers bent over backwards to make sure that the US could create money out of fiat. Based on the full faith and credit of the US government.
To have that jeopardized by a bunch of morons who graduated in the bottom 1/5th of their highs school and college classes is the ultimate irony.
Finally, my advice to day. Sell rallies. Look for over done breaks to step in and buy. If you can, perhaps just shut it down and wait until the smoke clears. The markets will be here in a few weeks.
More to come after the close. But for now, I am just disgusted, if you can’t tell.
CER
